Crude oil and refined product futures prices were trading lower shortly before midday Monday.
The NYMEX June West Texas Intermediate contract was off by $1.20 to $82.65/bbl as of 11:30 a.m. ET and the July WTI contract was down $1.08 to $82.05/bbl. June Brent crude was $1.21 lower at $88.29/bbl while the more-active July contract was off by $1.03 to $87.18/bbl.
The front-month contracts for Brent, and NYMEX refined products, expire at the end of the month and most trading activity has shifted to the following month contracts.
The NYMEX June RBOB contract was off 0.59ct to $2.7381/gal and the lightly traded May RBOB was 0.64ct lower at $2.7582/gal. The NYMEx June ULSD contract was down 0.33ct to $2.5574/gal and May was 0.45ct lower at $2.5437/gal.
If the decline in gasoline futures holds through settlement, it would break a four-day streak of gains for the RBOB contracts. Crude prices have risen for the past two sessions and settled higher in three of the last four trading days.
Monday's decline in futures prices comes amid renewed ceasefire talks between Israel and Hamas.
U.S. spot refined product prices were mixed near midday. Cash gasoline prices in Los Angeles and San Francisco were up by more than 1ct/gal, with similar gains posted in the New York Harbor market. Spot diesel prices were climbing by more than 1ct/gal in both Group 3 and the Pacific Northwest.
Ethanol-related D6 and biomass-based diesel D4 Renewable Identification Number credit prices were falling to start the week, with each off by 0.25cts. If the losses hold, it would mark a fourth straight day of declines.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
04-29-24 1220ET
